The Enforcement Directorate has summoned Amazon India’s country head Amit Agarwal along with other officials and Future Group head Kishore Biyani in connection with a disputed deal, sources said on Sunday.
“The investigation by the ED is related to Foreign Exchange Management Act (FEMA) in connection with Amazon’s disputed deal with Future Coupons Pvt Ltd (FCPL),” sources said. According to sources, officials of both the groups have been asked to appear before a federal agency headquarters in Delhi on 6 December along with certain documents related to the deal.
Sources further said that ED is examining whether Amazon was in breach of FEMA when it invested Rs 1,431 crore to purchase a 49% stake in FCPL in 2019 or it complied with regulations.
“FCPL owns about 10% of Future Retail Ltd (FRL), the flagship entity that runs the Big Bazaar, Food Bazaar and Easyday chains,” sources added.
“We are in receipt of summons issued by the ED in connection with the Future Group. As we have just received the summons, we are examining it and will respond within the given time frame,” an Amazon spokesperson said.